RPD-41379: 4. RPD-41379, 2025 Net Operating Loss Carryforward Worksheet For Corporate Income Tax (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
Form RPD-41379 is New Mexico’s 2025 Corporate Income Tax Net Operating Loss Carryforward Worksheet. It tracks losses, prior use of those losses, and remaining carryforward balances to calculate the net operating loss deduction available on line 17 of the 2025 CIT-1 return.
Who files this form
A corporation claiming a New Mexico net operating loss (NOL) deduction on its 2025 CIT-1 return must file this worksheet with that return.
- Complete Section 1 only if the corporation or filing group has an NOL carryover from tax years 2013 through 2019.
- Complete Section 2 only if it has an NOL carryover from tax years 2020 and later.
- For a filing group, complete separate Section 1 or Section 2 worksheets, as applicable, for each corporation with losses from those years.
These requirements apply whether the corporation files a separate return or as a member of a filing group.
What you'll need
Have the following information available to complete the worksheet:
- Each corporation’s name and federal employer identification number (FEIN).
- The last day of each tax year in which a loss was reported, and the loss amount reported to New Mexico.
- The New Mexico apportionment percentage reported for each loss year.
- Records of prior deductions using each loss, including the tax year and dollar amount used.
- For grandfathered losses from 2013 through 2019, information about adjustments for royalty or interest deductions involving related corporations.
You will also need the NOL deduction amount to be claimed on the 2025 CIT-1 return to complete the summary.
How to file
File RPD-41379 with your New Mexico 2025 CIT-1 return if you claim an NOL deduction. The worksheet calculates the carryforward available for a deduction on CIT-1, line 17.
Complete the applicable loss schedules in Sections 1 and 2, then use their totals in Section 3 to summarize the carryforward and calculate the 2025 deduction and remaining balance.
The supplied text does not give a mailing address or e-file instructions.
Common mistakes
- Confusing a loss with a deduction. Section 1, line 2 asks for the loss reported for that year, not the NOL deduction claimed that year.
- Using the wrong date or percentage. Enter the last day of each loss year in mm/dd/ccyy format and use the New Mexico apportionment percentage from that loss year.
- Entering a negative balance in Section 1, line 6. The instructions say to enter zero if the calculation is negative.
- Reporting too much prior use in Section 2. The total deductions listed on line 5a cannot exceed the apportioned loss on line 4.
- Leaving out additional pages. Add pages when reporting more than three loss years, when more space is needed for prior use of losses, or when the filing group has more than three corporations with losses.
Questions people ask
Where does the NOL deduction go on the 2025 return?
The worksheet identifies line 17 of the 2025 CIT-1 return as the line for the deduction.
Can a New Mexico NOL deduction be carried back to earlier years?
No. The text states that New Mexico does not allow an NOL deduction to be carried back to prior years.
Is the deduction subject to an 80% limitation?
Yes. The text states that the New Mexico NOL deduction includes the 80% limitation, calculated using the taxpayer’s apportioned net income.
What does “utilization of the loss” mean?
It means using a loss reported in one tax year to claim an NOL deduction in a later tax year. On line 5a of the applicable section, list each year the loss was used and the amount used.